HomeMy WebLinkAboutC.054.93009_1584i-2
effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its
participants. The principal of and any redemption premium on each Bond shall be payable to Cede & Co. or any other
person appearing on the registration books of the Issuer hereinafter provided for as the registered owner of such Bond or
his registered assigns or legal representative at such office of the Bond Registrar mentioned hereinafter or such other place
as the Issuer may determine upon the presentation and surrender thereof as the same shall become due and payable.
Payment of the Interest on each Bond shall be made by the Bond Registrar on each Interest payment date to the registered
owner of such Bond (or the previous Bond or Bonds evidencing the same debt as that evidenod by such Bond) at the close
of business on the record date for such interest, which shall be the 15th day (whether or not a business day) of the calendar
month next preceding such interest payment date, by check mailed to such person at his address as it appears on such
registration books. Transfer of principal, interest and any redemption premium payments to participants of DTC will be the
responsibility of DTC, and transfer of principal, interest and any redemption premium payments to beneficial owners of the
Bonds by participants of DTC will be the responsibility of such participants and other nominees of such beneficial owners.
The Issuer will not be responsible or liable for such transfers of payments or for maintaining, supervising or reviewing
records maintained by DTC, its participants or persons acting through such participants.
In the event that (a) DTC determines not to continue to act as securities depository for the Bonds or (b) the Director
of Finance and Administrative Services of the Issuer determines that continuation of the book -entry system of evidence and
transfer of ownership of the Bonds would adversely affect the interests of the beneficial owners of the Bonds, the Issuer
will discontinue the book -entry system with DTC. It the issuer identifies another qualified securities depository or its
nominee In exchange for the outstanding Bonds, and the references to DTC or Cede & Co. in this resolution shall thereupon
be deemed to mean such other depository or its nominee. If the Issuer fails to Identify another qualified securities
depository to replace DTC, the Issuer will deliver replacement Bonds in the form of fully -registered certificates In the
denomination of $5,000 or any multiple thereof ('Certificated Bonds') in exchange for the outstanding Bonds as required
by DTC and to others. Upon the request of DTC, the Issuer may also deliver one or more Certificated Bonds to any
participant of DTC in exchange for Bonds credited to its account with DTC.
Unless indicated otherwise, the provisions of this resolution that follow shall apply to all Bonds Issued or Issuable
hereunder, whether initially or in replacement thereof.
Section 3. The Bonds shall bear the manual or facsimile signatures of the Chairman of the Board of Commissioners
for the Issuer and the Clerk to said Board and the official seal or a facsimile o1 the official seal of the Issuer shall be
Impressed or printed, as the case may be, on the Bonds.
The certificate of the Local Government Commission of North Carolina to be endorsed on all Bonds shall bear the
manual or facsimile signature of the Secretary of said Commission and the certificate of authentication of the Bond Registrar
to be endorsed on all Bonds shall be executed as provided hereinafter.
In case any officer of the Issuer or the Local Government Commission of North Carolina whose manual or facsimile
signature shall appear on any Bonds shall cease to be such officer before the delivery of such Bonds, such manual or
facsimib signature shall nevertheless be valid and sufficient for all purposes the same as ff he had remained In office until
such delivery, and any Bond may bear the manual or facsimile signatures of such persons as at the actual time of the
executive of such Bond shall be the proper officers to sign such Bond although at the date of such Bond such persons may
not have been such officers.
No Bond shall be valid or become obligatory for any purpose or be entitled to any benefit or security under this
resolution until it shall have been authenticated by the execution by the Bond Registrar of the certificate of authentication
endorsed thereon.
The Bonds to be registered in the name of Cede & Co. and the endorsements thereon shall be in substantially the
following forms:
No. R- ...... $
United States of America
State of North Carolina
County of Iredell
General Obligation School Bond, Series 1997
Maturity Date Interest Rate CUSIP
February 1...... ....%
The County of Iredell, North Carolina (the "issuer"), a political subdivision of the State of North Carolina, is justly
Indebted and for value received hereby promises to pay to
CEDE & Co.
or registered assigns or legal representative on the date specified above, upon the representation and surrender hereof,
at the office of the Director of Finance and Administrative Services of the issuer (the 'Bond Registrar"), the principal sum
Of
THOUSAND DOLLARS
and to pay Interest on such principal sum from the date hereof or from the February i or August I next preceding the date
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